Excel based Daily reducing loan
I had also came across same requirement. I had searched a lot for excel based daily reducing loan table that could take care about
1. extra charges by bank (extra charges gets added to loan account, so till you repay the extra charges, bank gets interest on these charges. eg documentation charges)
2. extra repayment,
3. ability to change interest rate (every one know the interest rate gets changed many times over the loan period though it may be fixed for 1 or 2 or 3 years at start)
4. ability to add disbursements in installments (all available excels considers one time full disbursement, in case of under construction flats, dibursement is in installement as per work progress)
4. ability to change EMI amount (many times to repay loan ASAP, we change the EMI amount, sothat maximum principle can get deducted)
5. ability to compare total amount paied, without extra repayments and with extra repayment. i.e calculate how much interest and loan term you have saved.
I got tired by searching the readymade excel. Then I started to prepare my own excel sheet.
I got succeeded in preparing the excel sheet that fullfil my all needs and I cross verified it with loan account. It is working fine with me. There is small tolarence of Rs 1/- due to rounding factor. But one more thing is bank holidays, I am not yet able to consider these days.
I would like to share it but yet it is not in fully generic form i.e anyone can use it. It is specific to my loan.
Pravin Pujari
|